The Charlotte School of Law has until early August to prove its financial stability or face revocation of its license to operate in North Carolina.

A committee of the UNC Board of Governors, acting on behalf of the full board, voted Wednesday to severely restrict the school’s activities as it seeks to survive long enough to graduate its remaining 100 students.

The action Wednesday gives the for-profit school a limited amount of time to prove that it’s stable. The conditions must be met or Charlotte School of Law’s license would automatically be revoked, and it would cease operations in the state.

The law school, already on probation by the American Bar Association, cannot admit new students and must present evidence to UNC by Aug. 1 that it is in compliance with state licensure standards. It must have a sufficient tuition guaranty bond, which would refund students’ prepaid tuition if the school went out of business. And by Aug. 10, the school must obtain permission from the ABA to “teach out” its remaining students and a decision by the U.S. Department of Education to allow the students access to financial aid.

Paul Megget has been hired as the Charlotte School of Law's new interim dean. He currently works as an associate professor at the school, and he becomes the third person to serve as dean in three months. The previous two deans, Jay Conison and Scott Broyles, both stepped down amid ongoing troubles at the school.